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GRT Financial Reviews: Is It Legitimate?

Written by Ascend Team
Updated Dec 23rd, 2022
Did you receive a mailer from GRT Financial about debt mediation services? Was the debt consolidation quote you received better than what you are currently paying? Is GRT Financial Legitimate? What are its reviews?

We will cover all that and more, so let's dive in.

What is GRT Financial?

According to BBB, GRT Financial offers debt relief services and debt counseling services. However, it might be a little confusing trying to figure out what that one service is. Most people have heard of debt settlement and are aware of the general process. While debt settlement is, in fact, the one service GRT offers, they do not call it that on the majority of their website. Actually, GRT advertises that they provide “debt mediation”. Though this might be in an effort to differentiate itself from its competitors, GRT’s renaming of debt settlement might actually cause some confusion to potential clients who expect something other than settlement and realize that they mean the same thing. So,  it appears that debt mediation = debt settlement! 

If you are unfamiliar, Debt settlement is the process in which a third party negotiates with your creditor on your behalf. The goal of a debt settlement firm is to find a lower payment that will fully satisfy the debt that you owe. So, a debt relief may try to settle a $10,000 credit card balance for $5,000. This can provide ample savings and a potential lower monthly payment.

I was the previous CEO of a debt relief company, and I believe debt relief can be a good option for some, but not for others.

Now, if you are struggling with debt and wondering what to do next, we built a free, unbiased debt options comparison calculator (not even an email address is required) that provides a wide range of debt options that may be able to fit your budget. The data is personalized to your income and expenses, so you can get accurate costs, pros and cons, and options.

Debt settlement may be a great option for you, but it’s helpful to understand each of your options.

Let's next cover GRT Financial's history.

GRT Financial History

According to GRT’s BBB page, the company is only 6 years old. They are a member of the American Fair Credit Council and are accredited by BBB. GRT’s website says that they are a “licensed debt settlement company with a focus on providing cost-effective representation to clients seeking to negotiate the reduction of unsecured debt.” Basically, GRT is a debt relief company that offers its clients a way to reduce their total debt amount. 

There is one more thing I think it’s important to mention. It appears as though GRT Financial does have a partnership with a nationwide access plan that could help you in the case that your creditor pursues legal action against you while in the debt settlement process. This might be something to check out if you owe money to a creditor that is known for filing lawsuits against its debtors.

How Much Does It Cost to Work With GRT Financial?

At Ascend, we believe that debt settlement may be a good option, but it’s only in the context of understanding all of your options and understanding the cost of that option. This is exactly why we built a free debt settlement cost calculator so that you are MOST informed.

As is the case with most debt relief companies, GRT does not post the rates that they charge for their services. However, there is a note under one of their calculators that says the following:

“GRT’s fees are typically between 15-30% of enrolled debt. On average, clients who make all monthly program payments pay approximately 55% of their enrolled debt upon successful program completion, before program fees, and approximately 75%-80% with fees included”

This means that you will have an extra charge on top of what you pay off to your creditor that ranges from 15-30% of the debt you enroll in the program. So, on top of what you pay to your creditor, make sure you understand you will also pay GRT a fee. It does look like GRT’s fees are a little higher than some of its competitors. While the majority of debt relief companies cap their fee somewhere between 25% and 28%, GRT says their fees go up as high as 30%. Let's cover an example of fees.

For the sake of simple math, let’s assume you enroll $10,000 of debt. According to GRT’s website, you could end up paying up to $3,000 just in fees. Keep this in mind while you consider working with GRT. However, don’t forget that other debt settlement companies, though slightly less, still charge similar fees. 

GRT Financial Reviews

It's important to look and see what past clients have said about their time with GRT Financial. This information can be way more helpful than anything GRT puts on its website. Let’s take a look at what their clients have to say. 

BBB Reviews

Picture of GRT Financial BBB rating and review

GRT Financial’s BBB page has 185 reviews with an average rating of 4.85 out of 5-stars. It is an accredited business with an A+ rating from BBB. Reading through the reviews, it appears as though the almost perfect rating is well-earned! Many of the reviews seemed to come from clients who had gone through the entire debt settlement process with GRT and enjoyed their experience. 

Picture of a 5 star GRT Financial BBB review

I think it’s worth mentioning that one of the clients was very unhappy with their service. They did not realize that they would have to pay a fee on top of paying back their debt. Their fee was 25% of their enrolled debt. While fees differ based on a variety of things (location, debt amount, creditor company, etc.), it's helpful to see what others are charged for their services. 

Despite this low review, there are only 5 out of the 185 reviews that are 1-star. 

Trust Pilot Reviews

Picture of GRT Financial Trust Pilot review and ratings

Trust Pilot definitely houses the majority of GRT Financial’s reviews. With just over 1,300 reviews, GRT has an average rating of 4.3 out of 5-stars. Though the average rating is still decent, Trust Pilot has a wider range/ mix of reviews when compared to BBB. 

Picture of specific 5 star GRT Financial review on Trust Pilot

While a majority of the ratings are great, some of the higher ratings seem to come from individuals who are either just beginning the debt settlement process or have only had a single phone call with GRT’s customer representatives. When reading through reviews, make sure you are spotting clients who have actually had their debt settled by the company. 

There was an interesting negative review left recently that caught my eye. The user left a one-star review and explained that they were never told about the fee they would have to pay once the debt was settled. In fact, she said the fee she had to pay was basically the same amount as the debt that was forgiven, meaning she ended up paying about the same amount. While it is important that you understand for yourself what the debt settlement process is before speaking with a debt relief company, it's also important that the company you work with communicates everything clearly to you — including any fees. 

Picture of specific 1 star GRT Financial review on Trust Pilot

There are hundreds of other reviews on the site that sing the praises of GRT, so be sure you take some time to read through them before making a decision. 

Should I Work With GRT Financial?

Ultimately, the decision is up to you! While the higher end of what they charge might be higher than other debt companies, it also appears as though they offer legal counsel or assistance — something many other debt relief companies will not offer. If this is valuable to you, then consider taking the free debt settlement cost calculator below.